MetLife was a preferred lender for the new construction condo we are bying, so we had to get pre-approved by them. In the first conversation the MetLife mortgage consultant lied that they are the only ones approved to close in the building (I knew the are not, I had two other mortgage brokers offering to close in it), he then requested a $1000 credit card authorization for the pre-approval. I did... [more]
MetLife was a preferred lender for the new construction condo we are bying, so we had to get pre-approved by them. In the first conversation the MetLife mortgage consultant lied that they are the only ones approved to close in the building (I knew the are not, I had two other mortgage brokers offering to close in it), he then requested a $1000 credit card authorization for the pre-approval. I did not authorize and on the 4th attempt after a lot of hassle he issued us a correct pre-approval letter (he misstated the date, the rate and issued the wrong document the first 3 times). I was dead set against MetLife but their rate was 0.5% less than what everybody else was offering, so my husband convinced me to go ahead with them. The sequence of events is as follows:
1. Pay fee, they run a credit report, confirm the rate
2. We fill out the paperwork, including the rate lock.
3. Mortgage consultant confirms tha the rate is locked in, and that 50% of the building is pre-sold, issues a commitment letter
4. Commitment letter has a date which is in the past and the rate states float. When confronted the mortgage consultant says it is a mistake and he will reissue a new one.
5. We submit all the necessary documentation and are awaiting on the closing date which he cannot set because now it turns out less than 50% of units are pre-sold.
6. Gets back to us saying that our credit rating has changed and he can only offer this rate at cost of 1pt, then we can close in 10 days.
7. He refuses to give his supervisor's number, I manage to locate his branch manager, who confirms that our credit has not change, but that the rate is not locked and that there is nothing they can do about it - we should take a higher rate or pay.
8. We emailed all of the correspondence with the loan agent, where he states the rate is locked and that we signed the lock paperwork. But the manager says he spoke to the regional manager and there is nothing they can do and they don't care if we walk away.
Now there are several things I want to happen.
1.The lying scumbag who tried the "bait and switch scam" on us by offering a lower rate and then not locking it hoping the rates will drop and he'll be covered - I would like for him to lose his job and his license
2. I want MetLife to honor the rate and pay the point because the rate was the only reason we went with them and not our preferred mortgage broker.
3. I want to close before our time-of-essense clause kicks in (60 days).
In terms of how realistic teh expectations are:
1. I can file complaints with the Consumer Rights office of the Attorney General and a mortgage fraud complaint with the Office of The Controller of Currency and hope that this plays out in a long run
2. I doubt MetLife will honor the rate, as the manager made it clear they carry no obligation to us despite the signed documents. The rate they are offering at 0 points is now the same as our mortgage broker.
3.We can go and try our luck with the new mortgage broker (who promises to close in 30 days) and pay another $1K in fees or finish closing with MetLife because we are a commitment letetr away (all the paperwork is set) at this point and we have 60 days left on the time-of-essense clause (the mortgage contingency was specifically forbiddne by the Offering Plan).
I am looking for an advice on what teh best course of action could be and on how to prosecute the mortgage consultant(in the order of priority). While I really want to walk away from MetLife I understand that we have the best chance of closing with them at no extra cost (except for the rate change) compared to starting the process with the new mortgage broker.
Does anybody have experience of the best way to report mortgage fraud?
1. MetLife is a preferred lender
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Response by wanderer
almost 15 years ago
Posts: 286
Member since: Jan 2009
This is what I would do and is not legal advice!
I would happily pay 1k to another broker and get way from metlife. They sound like a nightmare.
After you are in your new home go to the small claims court with all your docs and try to get your 1k back.
Will it work? Maybe or maybe not but there is no way I would go with metlife after what you said.
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Response by tbontb
almost 15 years ago
Posts: 56
Member since: Dec 2008
(not a legal advice either)
If the rate difference between Metlife false advertisement and your final rate is against you.
Calculate the extra cost for the whole term of the mortgage and claim that too!
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Response by maly
almost 15 years ago
Posts: 1377
Member since: Jan 2009
Where is your lawyer in all of that?
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Response by bburg_curious
almost 15 years ago
Posts: 17
Member since: Nov 2010
Our real estate lawyer is saying that since the commitment letter stated the past due date (expired 3/31, issued 4/1) that we have no legal ground and that the rate was between us and the broker. And MetLife is stating that the broker made a mistake when offering us the rate, but that there will be disciplinary action taken against his conduct.
I just don't understand why MetLife is so keen on not covering the point theselves- it makes me think that anything I can do will carry no weight to them whatsoever.
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Response by maly
almost 15 years ago
Posts: 1377
Member since: Jan 2009
I think it's a fair analysis. i would try 7 on your side. They don't care about the fine points of legality, and MetLife will shy away from bad publicity.
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Response by mbrokerNY
almost 15 years ago
Posts: 103
Member since: May 2008
Unfortunately you suffered from the old adage if its too good to be true then it probably is. A half of a point is a huge difference. You didnt think anything was off when they were that much lower? Im sure its already happened, but you should yell at your husband one more time.
You cant do anything except threaten to contact the New York State Banking Dept. They are the only ones that really matter when it comes to regulating these clowns.You can try and contact rholda ricketts, she is the Deputy Superintendent of Banks Mortgage Banking Division. Her office may be able to offer some assistance if you can actually document the bait and switch.
Also, I was under the assumption that it is now illegal to accept any upfront fees except a "reasonable" credit check fee. That may be an avenue to explore as well.
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Response by West81st
almost 15 years ago
Posts: 5564
Member since: Jan 2008
bburg_curious: Are you dealing with the team at 260 Madison? (They're the group that moved over from B of A recently - see https://lo.mlhl.com/jappel) I ask because they seem pretty good to me, but it's just a first impression.
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Response by bburg_curious
almost 15 years ago
Posts: 17
Member since: Nov 2010
Thank you everybody for your input, it helps to get a fresh perspective!
mbrokerNY - I absolutely thought that it was off, which is why we asked for a commitment in writing before going with MetLife, too bad the commitment only carries the mortgage consultant's name. The consultant said that since MetLife is new on the mortgage scene and they are keeping the mortgage in their portfolio and not selling it on they are able to offer better rate than everybody else. I grilled the broker regarding their ability to underwrite this rate, I had my mortgage broker call this consultant to confirm this is a real deal that beats his offer, I consulted our real estate lawyer and she said its ok since it is in writing. We have 15 written confirmation from the mortgage consultant saying the rate is locked, none of which apparently carry any weight now for his supervisor and MetLife as a whole. I am very very thorough and it frustrates me that I was still scammed besides all the precautions I took.
West81 - yes, its the team at 260 Madison. Perhaps it is just my consultant who is a scamming arse - his supervisor has been rather nice, the processor is good and efficient (not as efficient as some mortgage brokers, but 30 days kind of efficient). I can only suggest that if you see some misstatements on your GFE, TIL or commitment letter - do not wait or listen to explanations, escalate it immediately!
I called the NYS Banking department and they directed me to Attorney General's office Real Estate and Consumer Rights and the office of the Controller of the Currency (since MetLife is a federally managed bank). Apparently, the consultant's statements of "nobody else closes in this building" and the $1000 fee charged upfront (which he attemptred to charge even at the pre-approval stage, but I refused to give him CC info) are in violation of Federal compliance. Not locking the rate, despite us signing the lock paperwork consititutes mortgage fraud. Will see how effective all these complaints actually are, but I doubt they carry too much threat to MetLife and I doubt the consultant could really do the scam without some sort of corporate blessing or blind eye. Thank you, mbrokerNY, I will try rholda ricketts as well.
At this point our lawyer is saying that we should realize that our priority is to close and if these guys can get us there the fastest at the same interest rate as other brokers then we should stick with them. I know business is business but I feel like its a matter of principle to take my business elsewhere. I guess I am too oldfashioned for the NYC real estate market with my principles, faith in regulated mortgage industry and expectation of fair dealings with sponsors, agents and lawyers.
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Response by streetsmart
almost 15 years ago
Posts: 883
Member since: Apr 2009
You can take your business to me. I close my loans with Wells Fargo asap. I will not charge credit or application fee. The only out of pocket fee will be for an appraisal. But first I will submit your loan to Wells. Wells closes loans fast. Rates are lower this week than last.
My experience has been quite to the contrary. The processing of documents and underwritting at wells is incredibly slow. My file was about as straight forward as it gets, wells was the preferred lender and took me over 60 days to close. I have never heard of a borrower praising wells for their closing process.
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Response by salvydicopa
almost 15 years ago
Posts: 80
Member since: Apr 2009
Wow sounds so eerily similar to my experience. The difference with me is that they lying SOB consultant that tried to screw me got fired. You have cause to sue for sure, but they will lawyer up too and the end result is that it will drag out your closing process. At least give them an opportunity to make things right and see what they have to offer. Here is a repost of my experience with MetLife that chronicled in the Edge thread:
"On paper the financing process should go smoothly but it's not guaranteed. I had a nightmare experience with MetLife whereby a rogue MetLife loan officer, Joe Klineburger, misrepresented himself claiming to be MetLife's preferred lender for the Edge project and flat out lied to me when it turned out the terms of my 90 rate-lock were a total sham, i.e. he never processed it in the first place! This guy said all the right words, gave me phony rate-lock documents, and sweet-talked me into believing that everything was set and that I would get my commitment letter in 2 weeks. Well, 2 weeks turned into 1 month, then 2, then 3 and I was in severe jeopardy of not closing on time and losing my deposit. Shit hit the fan when Jeremy Gaddy found out that a fellow banker was trying to steal his account and this guy got fired and the selling agent staff member who forwarded me Joe's name was reprimanded. The fallout was huge as everything I thought I had with MetLife turned out to be a sham. Fortunately, cooler heads prevailed as a senior MetLife manager called me directly and offered to do everything they can to make things right with me and salvage this deal since I was still and always was a good faith purchaser. I said "damn right you'll make things right" because it's either that or time to bring in the lawyers. Anyway, they made good on their promise as Jeremy, Steve Testa and his team from Cedar Knolls, NJ have been absolutely fantastic and I will close by the end of this month. The sponsor understood my situation (thanks to my lawyer) and worked with me on extending my close date. My rate-lock terms were not as good as the original phony terms, but it was close enough. The bottom line is, don't trust anybody and protect yourself at all times! I heard what I wanted to hear and let my guard and it almost sunk me. If it wasn't for my lawyer, the sponsor would have shown no mercy and kept my deposit because I didn't get my commitment letter in time. I hope this never happens to anyone else so best of luck to you all and everything should go smoothly if you are dealing with the right people."
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Response by bburg_curious
almost 15 years ago
Posts: 17
Member since: Nov 2010
Oh wow, salvydicopa, I did a search for horror stories about MetLife before committing, but somehow missed this one. I am glad it worked out for you at the end, the NJ team seems to be a bit more reseptive than the Manhattan one - we have been leaving voicemails for the regional manager for several days now to no avail. Is it just MetLife that seems to fester these shady practices? I feel if we dig we could probably have a class action law suit. Ditto to not trusting a word until it is written down and countersigned.
Since our mortgage consultant has not been laid off, I feel that I can disclose his name. If your mortgage is managed by Michael Most - triple-check your documentation, especially your GFE, anything that does not look right most likely means you have been lied to.
Streetsmart, thank you for the offer.
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Response by alanhart
almost 15 years ago
Posts: 12397
Member since: Feb 2007
This sort of thing never happened before MetLife went private/public (from a socialist entity since 1915). Now they have an obligation to their shareholders to screw you.
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Response by bburg_curious
almost 15 years ago
Posts: 17
Member since: Nov 2010
Should I sue them and long them just to hedge my bets :)
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Response by sledgehammer
almost 15 years ago
Posts: 899
Member since: Mar 2009
It's good to have a few names popping up in this thread so anyone can just target the right Mortgage broker when time comes to buy and avoid a nightmare you guys unfortunately have been through...
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Response by bburg_curious
almost 15 years ago
Posts: 17
Member since: Nov 2010
It is hard to avoid an attempt to be scammed, but I hope this helps other buyers to be more vigilant and walk away from the deals before they run out of time to explore other options.
So out of curiosity, has anybody ever attempted to prosecute a mortgage broker who scammed them or do people just settle for the broker being fired/reprimanded?
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Response by salvydicopa
almost 15 years ago
Posts: 80
Member since: Apr 2009
bburg - I don't think I can join your class action since I've already been remedied. But I'm in total solidarity with your situation because in no way shape or form is this practice acceptable. I say disclose names, dirtbags should be exposed for what they are, and we the public have every right to know so we can avoid professionals who choose to rely on misrepresentation and deception to conduct their business. Shouldn't they be fair game in the public arena since they are acting in the commercial domain beholden to a code of ethics (or so I thought) and NY RE law? This MB has not been shy about providing positive references of good experiences they've had with good guy/gal lenders/lawyers/services so no reason why we can't do the same with the bad guys/gals.
Look, I realize that shady RE professionals are a dime a dozen but it's still no excuse and no one should have to tolerate or endure this treatment. If you're getting static from the branch manager too, then it's a major red flag as the whole office is probably corrupt so I'd run away as fast as I can. Try Steve Testa from the Cedar Knolls, NJ office. He treated me fairly and made things right when things were at the brink. But find out for sure who is the official MetLife preferred lender for your project. Get the sponsor to confirm in writing that that person is indeed the official MetLife preferred lender and work with that person exclusively. This person will then work with the appropriate branch office that will physically process your mortgage app. You're free to say that you want to work this or that branch office. If people are not giving you straight answers stat, they're not serious about closing you so just walk away because actions speak louder than words.
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Response by salvydicopa
almost 15 years ago
Posts: 80
Member since: Apr 2009
FYI - the crooked ex-MetLife mortgage consultant that tried to screw my mortgage is now working at Wells Fargo Home Mortgage in Hoboken, NJ. I'd stay far away from this office folks.
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Response by bburg_curious
almost 15 years ago
Posts: 17
Member since: Nov 2010
Status update - we reached the regional manager, Mark, he was very apologetic and understanding. He has already offered us a better rate than the default one and promised to attempt to honor the rate originally offered to us. He has also expedited the issue of the new commitment letter.
So far I must say that the branch manager Bill and the processor Caralin from the Manhattan MetLife have been very helpful as well.
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Response by sebastion23m
almost 15 years ago
Posts: 1
Member since: Apr 2011
bburg, I noticed your sitautaion and you mentioned Michael Most. We found a Condo 6 months ago where he was the preffered lender and he was very helpful. Once the appraisal came back, we decided not to persue the purachase and he refunded us the full $1,000. We ended up contacting him once we found a diffrent condo in Brooklyn and he got us a great Rate and we closed fast. I have sent one of my friends who also used his services and was very happy. Again I dont know your situationa and I hope it works out and you get the cheapest Rate since you deserve that.
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Response by bburg_curious
almost 15 years ago
Posts: 17
Member since: Nov 2010
I am glad that some people had a good experience with him. Unfortunatey, in our case he consistently lied in writing about locking the rate and has committed mortgage fraud. I hope he doesn't do it to everybody, I just wanted to raise awareness so that people do not waste time being gullable if their paperwork does not match the deal their mortgage broker is describing. I think it is important to know what can be done ASAP to resolve the situation, so I really appreciate the advice everybody gave me!
Status update: The regional manager was able to remedy the situation and offer us an acceptable intermediate rate (which was still lower than competitors), so we stayed with MetLife and proceeded to work with Caralin directly. Caralin was a pleasure, can't thank her enough for catching us up on all the time we lost while renegotiating the rate. A day before closing I got a phonecall from the regional manager who said they kept working on our situation even after we agreed to a compromise and are able to honor the original offer at 0 pts.This has somewhat restored my faith in human decency in the mortgage industry. We closed yesterday and it was smooth enough.
My advice: if you feel something is shady, shoot over the mortgage broker's head - do not waste time asking him more questions, most likely he will keep lying and telling you not to belive your own eyes. Do not be afraid to go as high up as you can - the branch manager while being very polite did not remedy the situation to our satisfaction despite having spoken to the regional manager. It was not until we reached the regional manager and forwarded him a compillation of emails that contradicted issued paperwork, that we got offered a resolution.
Question: I am still on the fense whether to report the Mortgage consultant. I know he did not get fired. We have been remedied and I have no reservations about the rest of the team at MetLife, but I feel he should at least be investigated for his behavior. Should I let it go and plan the housewarming instead?
This is what I would do and is not legal advice!
I would happily pay 1k to another broker and get way from metlife. They sound like a nightmare.
After you are in your new home go to the small claims court with all your docs and try to get your 1k back.
Will it work? Maybe or maybe not but there is no way I would go with metlife after what you said.
(not a legal advice either)
If the rate difference between Metlife false advertisement and your final rate is against you.
Calculate the extra cost for the whole term of the mortgage and claim that too!
Where is your lawyer in all of that?
Our real estate lawyer is saying that since the commitment letter stated the past due date (expired 3/31, issued 4/1) that we have no legal ground and that the rate was between us and the broker. And MetLife is stating that the broker made a mistake when offering us the rate, but that there will be disciplinary action taken against his conduct.
I just don't understand why MetLife is so keen on not covering the point theselves- it makes me think that anything I can do will carry no weight to them whatsoever.
I think it's a fair analysis. i would try 7 on your side. They don't care about the fine points of legality, and MetLife will shy away from bad publicity.
Unfortunately you suffered from the old adage if its too good to be true then it probably is. A half of a point is a huge difference. You didnt think anything was off when they were that much lower? Im sure its already happened, but you should yell at your husband one more time.
You cant do anything except threaten to contact the New York State Banking Dept. They are the only ones that really matter when it comes to regulating these clowns.You can try and contact rholda ricketts, she is the Deputy Superintendent of Banks Mortgage Banking Division. Her office may be able to offer some assistance if you can actually document the bait and switch.
Also, I was under the assumption that it is now illegal to accept any upfront fees except a "reasonable" credit check fee. That may be an avenue to explore as well.
bburg_curious: Are you dealing with the team at 260 Madison? (They're the group that moved over from B of A recently - see https://lo.mlhl.com/jappel) I ask because they seem pretty good to me, but it's just a first impression.
Thank you everybody for your input, it helps to get a fresh perspective!
mbrokerNY - I absolutely thought that it was off, which is why we asked for a commitment in writing before going with MetLife, too bad the commitment only carries the mortgage consultant's name. The consultant said that since MetLife is new on the mortgage scene and they are keeping the mortgage in their portfolio and not selling it on they are able to offer better rate than everybody else. I grilled the broker regarding their ability to underwrite this rate, I had my mortgage broker call this consultant to confirm this is a real deal that beats his offer, I consulted our real estate lawyer and she said its ok since it is in writing. We have 15 written confirmation from the mortgage consultant saying the rate is locked, none of which apparently carry any weight now for his supervisor and MetLife as a whole. I am very very thorough and it frustrates me that I was still scammed besides all the precautions I took.
West81 - yes, its the team at 260 Madison. Perhaps it is just my consultant who is a scamming arse - his supervisor has been rather nice, the processor is good and efficient (not as efficient as some mortgage brokers, but 30 days kind of efficient). I can only suggest that if you see some misstatements on your GFE, TIL or commitment letter - do not wait or listen to explanations, escalate it immediately!
I called the NYS Banking department and they directed me to Attorney General's office Real Estate and Consumer Rights and the office of the Controller of the Currency (since MetLife is a federally managed bank). Apparently, the consultant's statements of "nobody else closes in this building" and the $1000 fee charged upfront (which he attemptred to charge even at the pre-approval stage, but I refused to give him CC info) are in violation of Federal compliance. Not locking the rate, despite us signing the lock paperwork consititutes mortgage fraud. Will see how effective all these complaints actually are, but I doubt they carry too much threat to MetLife and I doubt the consultant could really do the scam without some sort of corporate blessing or blind eye. Thank you, mbrokerNY, I will try rholda ricketts as well.
At this point our lawyer is saying that we should realize that our priority is to close and if these guys can get us there the fastest at the same interest rate as other brokers then we should stick with them. I know business is business but I feel like its a matter of principle to take my business elsewhere. I guess I am too oldfashioned for the NYC real estate market with my principles, faith in regulated mortgage industry and expectation of fair dealings with sponsors, agents and lawyers.
You can take your business to me. I close my loans with Wells Fargo asap. I will not charge credit or application fee. The only out of pocket fee will be for an appraisal. But first I will submit your loan to Wells. Wells closes loans fast. Rates are lower this week than last.
Ellen Silverman, Mortgage Broker
E.S. Funding Co.
Tel: 212-786-9682
www.esfunding.instantlender.com
"Wells closes loans fast."
My experience has been quite to the contrary. The processing of documents and underwritting at wells is incredibly slow. My file was about as straight forward as it gets, wells was the preferred lender and took me over 60 days to close. I have never heard of a borrower praising wells for their closing process.
Wow sounds so eerily similar to my experience. The difference with me is that they lying SOB consultant that tried to screw me got fired. You have cause to sue for sure, but they will lawyer up too and the end result is that it will drag out your closing process. At least give them an opportunity to make things right and see what they have to offer. Here is a repost of my experience with MetLife that chronicled in the Edge thread:
"On paper the financing process should go smoothly but it's not guaranteed. I had a nightmare experience with MetLife whereby a rogue MetLife loan officer, Joe Klineburger, misrepresented himself claiming to be MetLife's preferred lender for the Edge project and flat out lied to me when it turned out the terms of my 90 rate-lock were a total sham, i.e. he never processed it in the first place! This guy said all the right words, gave me phony rate-lock documents, and sweet-talked me into believing that everything was set and that I would get my commitment letter in 2 weeks. Well, 2 weeks turned into 1 month, then 2, then 3 and I was in severe jeopardy of not closing on time and losing my deposit. Shit hit the fan when Jeremy Gaddy found out that a fellow banker was trying to steal his account and this guy got fired and the selling agent staff member who forwarded me Joe's name was reprimanded. The fallout was huge as everything I thought I had with MetLife turned out to be a sham. Fortunately, cooler heads prevailed as a senior MetLife manager called me directly and offered to do everything they can to make things right with me and salvage this deal since I was still and always was a good faith purchaser. I said "damn right you'll make things right" because it's either that or time to bring in the lawyers. Anyway, they made good on their promise as Jeremy, Steve Testa and his team from Cedar Knolls, NJ have been absolutely fantastic and I will close by the end of this month. The sponsor understood my situation (thanks to my lawyer) and worked with me on extending my close date. My rate-lock terms were not as good as the original phony terms, but it was close enough. The bottom line is, don't trust anybody and protect yourself at all times! I heard what I wanted to hear and let my guard and it almost sunk me. If it wasn't for my lawyer, the sponsor would have shown no mercy and kept my deposit because I didn't get my commitment letter in time. I hope this never happens to anyone else so best of luck to you all and everything should go smoothly if you are dealing with the right people."
Oh wow, salvydicopa, I did a search for horror stories about MetLife before committing, but somehow missed this one. I am glad it worked out for you at the end, the NJ team seems to be a bit more reseptive than the Manhattan one - we have been leaving voicemails for the regional manager for several days now to no avail. Is it just MetLife that seems to fester these shady practices? I feel if we dig we could probably have a class action law suit. Ditto to not trusting a word until it is written down and countersigned.
Since our mortgage consultant has not been laid off, I feel that I can disclose his name. If your mortgage is managed by Michael Most - triple-check your documentation, especially your GFE, anything that does not look right most likely means you have been lied to.
Streetsmart, thank you for the offer.
This sort of thing never happened before MetLife went private/public (from a socialist entity since 1915). Now they have an obligation to their shareholders to screw you.
Should I sue them and long them just to hedge my bets :)
It's good to have a few names popping up in this thread so anyone can just target the right Mortgage broker when time comes to buy and avoid a nightmare you guys unfortunately have been through...
It is hard to avoid an attempt to be scammed, but I hope this helps other buyers to be more vigilant and walk away from the deals before they run out of time to explore other options.
So out of curiosity, has anybody ever attempted to prosecute a mortgage broker who scammed them or do people just settle for the broker being fired/reprimanded?
bburg - I don't think I can join your class action since I've already been remedied. But I'm in total solidarity with your situation because in no way shape or form is this practice acceptable. I say disclose names, dirtbags should be exposed for what they are, and we the public have every right to know so we can avoid professionals who choose to rely on misrepresentation and deception to conduct their business. Shouldn't they be fair game in the public arena since they are acting in the commercial domain beholden to a code of ethics (or so I thought) and NY RE law? This MB has not been shy about providing positive references of good experiences they've had with good guy/gal lenders/lawyers/services so no reason why we can't do the same with the bad guys/gals.
Look, I realize that shady RE professionals are a dime a dozen but it's still no excuse and no one should have to tolerate or endure this treatment. If you're getting static from the branch manager too, then it's a major red flag as the whole office is probably corrupt so I'd run away as fast as I can. Try Steve Testa from the Cedar Knolls, NJ office. He treated me fairly and made things right when things were at the brink. But find out for sure who is the official MetLife preferred lender for your project. Get the sponsor to confirm in writing that that person is indeed the official MetLife preferred lender and work with that person exclusively. This person will then work with the appropriate branch office that will physically process your mortgage app. You're free to say that you want to work this or that branch office. If people are not giving you straight answers stat, they're not serious about closing you so just walk away because actions speak louder than words.
FYI - the crooked ex-MetLife mortgage consultant that tried to screw my mortgage is now working at Wells Fargo Home Mortgage in Hoboken, NJ. I'd stay far away from this office folks.
Status update - we reached the regional manager, Mark, he was very apologetic and understanding. He has already offered us a better rate than the default one and promised to attempt to honor the rate originally offered to us. He has also expedited the issue of the new commitment letter.
So far I must say that the branch manager Bill and the processor Caralin from the Manhattan MetLife have been very helpful as well.
bburg, I noticed your sitautaion and you mentioned Michael Most. We found a Condo 6 months ago where he was the preffered lender and he was very helpful. Once the appraisal came back, we decided not to persue the purachase and he refunded us the full $1,000. We ended up contacting him once we found a diffrent condo in Brooklyn and he got us a great Rate and we closed fast. I have sent one of my friends who also used his services and was very happy. Again I dont know your situationa and I hope it works out and you get the cheapest Rate since you deserve that.
I am glad that some people had a good experience with him. Unfortunatey, in our case he consistently lied in writing about locking the rate and has committed mortgage fraud. I hope he doesn't do it to everybody, I just wanted to raise awareness so that people do not waste time being gullable if their paperwork does not match the deal their mortgage broker is describing. I think it is important to know what can be done ASAP to resolve the situation, so I really appreciate the advice everybody gave me!
Status update: The regional manager was able to remedy the situation and offer us an acceptable intermediate rate (which was still lower than competitors), so we stayed with MetLife and proceeded to work with Caralin directly. Caralin was a pleasure, can't thank her enough for catching us up on all the time we lost while renegotiating the rate. A day before closing I got a phonecall from the regional manager who said they kept working on our situation even after we agreed to a compromise and are able to honor the original offer at 0 pts.This has somewhat restored my faith in human decency in the mortgage industry. We closed yesterday and it was smooth enough.
My advice: if you feel something is shady, shoot over the mortgage broker's head - do not waste time asking him more questions, most likely he will keep lying and telling you not to belive your own eyes. Do not be afraid to go as high up as you can - the branch manager while being very polite did not remedy the situation to our satisfaction despite having spoken to the regional manager. It was not until we reached the regional manager and forwarded him a compillation of emails that contradicted issued paperwork, that we got offered a resolution.
Question: I am still on the fense whether to report the Mortgage consultant. I know he did not get fired. We have been remedied and I have no reservations about the rest of the team at MetLife, but I feel he should at least be investigated for his behavior. Should I let it go and plan the housewarming instead?